Thread: what is the basic thing that we should know???

Hi,

what would be the basic thing a forex trader to understand???? best indiors??? news??? Best pair to trade??? time and so on....

10x

To begin with, determine your risk tolerance and funding alloion. Tread sensibly and assess your fiscal goals. Analytically outline a time and a working plan for the trading career.

Second, select your broker carefully. What type of customer profile will the Currency Market broker aim in reaching? Does the trading software suit your expectations? How efficient is customer support? All these must be sensibly studied before even beginning to reflect the intricacies of trading itself.

If you're a novice, it is a must that you just endure a period of eduion and also run-through by the use of a mini account. As a general rule, the lower your risk, the greater your probabilities, so make your selections from the conventional way potential, principally in the foundation of your career.

Initiate with small amounts, and low leverage, while adding up to a account as it generates profits. There's not any justifiion to the thought that a loer account will allow grander profits. If you can upsurge the magnitude of your account via your trading choices, perfect. If not, there's no use in keeping pumping cash to an account that is burning cash like a furnace burns off paper.
Emphasize on a single currency pair, enlarge as you enhance your skills. Adhering to the most liquid, and broadly traded pairs can also be an excellent practice for both the beginner and the advanced traders.

In general, if you're irresolute that you know what you're doing, and which you can defend your decision with forte and vigor against critics which you trust and value, don't trade. Do not trade on the grounds of hearsay or rumors. And don't act unless you're confident that you know the positive effects, and also the negative results that may result from opening a situation.

Other than that, make sure you confine your thoughts. Automate your trading as much as possible however don't exclusively rely on Currency Market robots, wonder methods, and other snake oil solutions. Keep it modest. Both your transaction tactics and analysis must be easily implicit and elucidated. Don't go contrary to the markets, if you don't have sufficient patience and fiscal resilience to adhere to a long term program. Comprehend that Currency Market is all about probabilities. Be humble and patient. Do not contest the markets. Study the markets, fundamentals, and technical things leading the price action.

And most importantly,”Don't Give Up”

The main thing to know is do not lose your cash.

Depends upon what you expect from trading...

if you expect big and speedy cash perhaps Foreign Exchange will make you disappointed
if you would like to be a trader then you have to open your eyes and mind regular, watch the reality what occurred on the market and presumed why that happened

why would the egg in US increase by 40% why would milk raise 50 percent
the Fed injected US$200 billion yesterday

you need to know basically everything to be a trader

.... And of course to understand something you need to ask questions

so the fantastic thing to be a trader would be to create an infinite spirit and maintain ourselves open minded since we learn new things every sign of price

good fortune, this can be a lengthy trip not a meal in a fast food rest

LEARN TO WIN!!!!!!!! BY MAKING MISTAKES FIRST THOUGH.


Great Luck

Hi mohan,

the very first thing is to realise is that trading is about learning how you react to different situations that come up from trading on the market. (and of course you will need to get a system whether its fundamentally or technically based is up for you). The market will throw everything at you to see if you belong , just to test you.

The next important issue is get a mentor if you are really serious about becoming successful, the fastest way to become successful is to select the training from someone that has been there before you.

Then take the training and see what you can get your hands on and experimentation with different idea's or systems in paper or demo trades till you are ready to go live.

I don't advise my students to go live till they are averaging 24 positive trades out of 30.

Great luck and remember there are a lot of great threads at nigeriaforextrading to see.

cheers

All the above words are turely right.

As the freshman, y need to attempt, make error, try again, learn along with.

And visitnigeriaforextradingas offen as Possible.

Learn how to spend less and youll make money

Originally Posted by ;

hi, what would be the simple thing a forex trader to understand???? best indiors??? news??? Very best pair to exchange??? Time and on... 10x

To be honest, if you're expecting here professional result then only basic knowledge wouldn't be enough for you! Nonetheless, it's true you may begin your learning process from basic like, Mt4 trading platform or technical resources of Forex trading! But slowly, you need to learn advance lessons too, like fundamental analysis! In Forex, maximum traders are fighting, so don't set any shortcut mode of money earning!

The first basic thing one should understand as a newbie Forex trader is it requires a long time and a lot of effort to really begin earning profits from trading. It is not something which could be heard immediately and one ought to know about that, so that they wouldn't get into trading with unrealistic expectations.